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rated:
Any recommendations for originators?

Thanks.

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rated:
The only one i'm aware of is keybank. But their rates are astronomical(8-9%) and underwriting very strict.

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If you must do this then look into cash out refi.

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ach1199 said:   If you must do this then look into cash out refi.
Agreed.  OP, why do you want to take out a HELOC against investment property?  The interest may not be deductible, where 100% of the interest of the investment property loan is deductible.  I am not a tax expert but found this article explaining what is deductible for HELOCS taken on investment properties:  Deductible interest for investment properties  

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ach1199 said:   If you must do this then look into cash out refi.
  cashout refi on rental can only be done if you have 4 or less mortgages

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Also, properties are on OO loans originated when rates were lower. Ideally could keep primary mortgage at past locked low rate and unlock new equity at current rates. Additionally, these were ~3.5% down properties. So swapping to rental means LTV might have to be 25-30.



 

rated:
rufflesinc said:   
ach1199 said:   If you must do this then look into cash out refi.
  cashout refi on rental can only be done if you have 4 or less mortgages

  Not anymore. 5+properties cashout rules are here https://www.quickenloans.com/blog/multiple-properties-new-fannie...

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dealcather said:   
rufflesinc said:   
ach1199 said:   If you must do this then look into cash out refi.
  cashout refi on rental can only be done if you have 4 or less mortgages

  Not anymore. 5+properties cashout rules are here https://www.quickenloans.com/blog/multiple-properties-new-fannie-mae-rules-let-take-cash

  whoa

rated:
dealcather said:   
rufflesinc said:   
ach1199 said:   If you must do this then look into cash out refi.
  cashout refi on rental can only be done if you have 4 or less mortgages

  Not anymore. 5+properties cashout rules are here https://www.quickenloans.com/blog/multiple-properties-new-fannie-mae-rules-let-take-cash

anybody applied for one of these? i'm wondering what kind of guidelines they use...full appraisals? rates? 

rated:
solarUS said:   
dealcather said:   
rufflesinc said:   
ach1199 said:   If you must do this then look into cash out refi.
  cashout refi on rental can only be done if you have 4 or less mortgages

  Not anymore. 5+properties cashout rules are here https://www.quickenloans.com/blog/multiple-properties-new-fannie-mae-rules-let-take-cash

anybody applied for one of these? i'm wondering what kind of guidelines they use...full appraisals? rates? 

  presumably the same as when they only allowed for <4

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